Historically, as in several countries, it was the bartering or the free exchange of goods that was practiced for a long time in Madagascar. But very early, about the 10th century, the currency was introduced into the great island by the immigrant Arabs and Persians; The currency begins to spread only from the seventeenth century, but not so much.
During the Reign of Ranavalona II, where a list of coins was admitted in circulation such as: Ngita, Tanamasoandro, Tsangan’olona, Tokazo, Malamakely, Behatoka, Tombotsisina. These are pieces of Spanish, Mexican, French and Latin origin.
During the period of colonization, during the first war, the first notes were issued, beginning with the postage stamps pasted on a cardboard box, then the bronze, aluminum and nickel pieces; 5 centimes, 10, 25 and 50 centimes, 1 franc, 2 francs.
By the creation of the Bank of Madagascar in 1925, the Malagasy currency, Le FRANC, was instituted for the first time.
Since independence in 1963, under the ZONE FRANC, the name of the legal tender currency on Malagasy territory was the Franc Malagasy, the famous “Fmg” or MGF on the exchange of international currency.
In 2003, ARIARY took the place. 1 Ariary = 5 times the FMG. MGA (Malagasy Ariary) on the international ISO code.
Currently, 1EURO is changing against 3400MGA